Core Viewpoint - The CEO of Ant Group, Han Xinyi, emphasized that the token economy must transition from being a mere object of value storage and speculative trading in the virtual world to a tool that addresses trust, efficiency, and cost issues in the real economy to create a sustainable and valuable ecosystem [1] Group 1 - The future of the token economy must be deeply rooted in the real economy to truly unleash its value [1] - The exploration of tokenization should balance the pursuit of value in the token economy with risk prevention [1]

Group 1 - The Ministry of Industry and Information Technology emphasizes that irrational competition can destroy enterprises and industries overnight, which is intolerable [1] - Irrational competition, particularly "involution-style" competition, has emerged in various sectors in China, leading to disordered competition as the economy transitions to innovation-driven development [1][2] - Price competition is prevalent in low-value-added sectors, while high-value-added sectors rely on technological differentiation and brand building for competitive advantage [1] Group 2 - Non-rational competition leads to a vicious cycle where companies cut production costs and lower product quality to gain price advantages, squeezing profit margins across the industry [2] - This situation not only affects the sustainability of enterprises but also damages consumer trust and distorts resource allocation efficiency, ultimately hindering innovation [2][3] - The transition from high-speed to high-quality development in China necessitates a focus on technological innovation to enhance manufacturing competitiveness and create a modern industrial system with global competitiveness [2][3] Group 3 - Innovation is crucial for economic circulation, driving productivity and creating new industries, which in turn increases household wealth and government revenue for public services [3] - However, widespread irrational competition undermines this cycle by leading to low profits in manufacturing, making it difficult to attract investment for innovation [3] - Addressing irrational competition is essential for the fate of industries and the ability to achieve a new development pattern and establish a self-circulating economy [3]

Group 1 - The core viewpoint emphasizes the integration of technological innovation and industrial innovation to enhance industrial innovation capabilities and develop new quality productivity [1][2] - The focus is on strengthening the role of enterprises in innovation, encouraging increased investment in R&D, and creating a supportive environment for original technology development [1][2] - There is a call to cultivate a gradient nurturing system for leading enterprises with strong core technology capabilities and to promote the growth of specialized and innovative small and medium-sized enterprises [1][2] Group 2 - The emphasis is on leading with technological innovation and grounding in the real economy to continuously advance industrial innovation [2] - There is a need to enhance application-oriented basic research and frontier research to support key common technologies and disruptive technology innovations [2] - The importance of establishing high-level industrial service platforms to improve public service capabilities and accelerate the transformation of innovative achievements into productive forces is highlighted [2]

其间，张国清还来到四川天味食品集团调研食品安全工作。他强调，要将"四个最严"要求贯穿于食品生 产、流通、储存、消费各环节，抓在日常、严在平时，强化全链条监管，筑牢食品安全防线。 责任编辑：何俊熹 新华社成都9月10日电 中共中央政治局委员、国务院副总理张国清8日至10日在四川调研产业创新等工 作。他强调，要深入贯彻习近平总书记重要指示批示精神，落实党中央、国务院决策部署，推动科技创 新和产业创新深度融合，持续提升产业创新能力，因地制宜发展新质生产力，不断培育高质量发展新动 能新优势。 在成都市和绵阳市，张国清先后来到中国东方电气集团、四川凌空天行科技有限公司、长虹智能制造产 业园等企业，深入实验室、工厂车间，详细了解生产经营、研发创新、转型升级等情况。他强调，要强 化企业创新主体地位，促进各类创新要素向企业集聚，引导企业不断加大技术研发投入，完善激励保障 措施，着力打造原创技术策源地、产业创新生力军。要健全梯度培育体系，培育一批核心技术能力突 出、集成创新能力强的产业领军企业，发展壮大专精特新中小企业，打造更多制造业单项冠军企业、独 角兽企业，形成大中小企业融通创新、协同发展的良好生态。 张国清强调，要以科技 ...

富达国际亚洲经济分析师刘培乾表示，展望未来，中国内地股市两大资金来源将左右市场对实体经济的 影响程度。其一，首次公开招股(IPO)复苏，有助巩固良性融资循环，增强金融市场支持实体经济的传 导机制。其二，宜密切留意内地散户的入市行动，虽然目前散户入市的热度仍未及十年前，但随着保证 金融资增加及更多资金由家庭存款流向股市，中国内地市场的散户动力正逐步形成。 上述两大资金来源持续流入A股股市，将有助产生财富效应，从而提升家庭可支配收入，恢复家庭消费 信心。临近中国内地十一国庆假期，旅游支出和房地产每周成交数据，将提供重要的早期经济讯号。 关于未来政策走向，刘培乾认为，宽松财政政策很大机会仍为下半年中国内地政策主调。假如经济增长 仍未见更趋稳定的迹象，房地产市场政策可望有进一步松绑空间，中国内地政府也有可能增加福利开 支，扩大补贴计划。然而，这可能需要动用更多财政资源，央行未来数季或因而面临挑战，需在支持实 体经济稳步增长与防止股市过热或出现炒风之间取得平衡。 刘培乾表示，中国内地股市近期升势并非由单一催化剂，而是由国策调整、流动性改善、中美关系缓 和，及经济基本面增强等多项重大利好因素所驱动。 刘培乾认为，中国内地 ...

Core Viewpoint - Harbin Bank focuses on meeting the needs of the real economy as the starting point and goal for high-quality development in the first half of 2025 [1] Group 1: Financial Support for Real Economy - The bank aims to provide financial support for the development of the real economy by leveraging its advantages in group operation and distribution [1] - The bank is deepening its involvement in key financial areas such as technology and green finance, increasing medium to long-term loans in manufacturing, and supporting modern agriculture and county economies [1] Group 2: Loan Growth and Structure - As of June 30, 2025, the total amount of corporate loans reached 233.2248 billion yuan, an increase of 27.8198 billion yuan compared to the end of the previous year, accounting for 58.7% of total loans [1] - The bank's actions reflect its commitment to social responsibility, injecting vitality into the real economy while optimizing its asset structure and creating conditions for business expansion [1]

2025年上半年，哈尔滨银行(06138)立足金融本源，将满足实体经济需求作为高质量发展的出发点和落 脚点。围绕黑龙江省"三基地、一屏障、一高地""4567"现代产业体系和金融"五篇大文章"，依托集团经 营机构分布优势，为实体经济发展提供金融支持。集团深耕科技、绿色等重点金融领域，加大制造业中 长期贷款、能源全产业链信贷投放，支持现代农业与县域经济，深化政府及国企项目合作，响应房地产 融资机制，强化同业合作与民企小微支持。截至2025年6月30日，集团的公司类贷款总额为2332.248亿 元，较上年末增长278.198亿元，占全部贷款总额的58.7%。其以实际行动践行金融企业社会责任，不仅 为实体经济注入活力，也为自身业务拓展、优化资产结构创造条件，有望持续受益于实体经济发展红 利。 ...

9月8日，第二十五届中国国际投资贸易洽谈会在福建厦门拉开帷幕。作为我国唯一以投资为主题的国家 级重大展会，投洽会正向世界张开双臂，迎接各方宾客齐聚鹭岛，共寻全球投资之机，共谋世界发展之 策。 投资是拉动经济增长的"三驾马车"之一，是促进国际经济合作的关键力量，也是进出口银行重要的业务 领域。长期以来，进出口银行深入贯彻党中央关于"壮大耐心资本"的决策部署要求，将股权投资作为金 融服务的重要手段，聚焦主责主业，持续提升自主投资能力，政策性、国际化、专业化优势日益凸显。 今年以来，在上海国际航运中心洋山深水港区小洋山北作业区，施工船舶开足马力，项目建设不断刷 新"进度条"。进出口银行设立的进银基础设施基金有限公司曾向该项目投放了首笔资金。 2022年，进出口银行成立进银基础设施基金公司，通过政策性开发性金融工具支持国内实体经济发展。 基金采取股权投资、股东借款、专项债券资本金搭桥借款等方式投入项目，用于补充基础设施重大项目 资本金缺口，重点投向基础设施、重点民生和新基建等领域，在短时间内完成近700亿元人民币的资金 投放，支持重大项目100余个，带动项目总投资近万亿元人民币。 与此同时，进出口银行还参与多家国内主 ...

Core Viewpoint - The 25th China International Investment Trade Fair has commenced in Xiamen, emphasizing the importance of investment in driving economic growth and international cooperation [1] Group 1: Investment Initiatives - The Export-Import Bank of China has established 27 funds and investment companies, investing over 1 trillion RMB across key regions including ASEAN, Eurasia, Central Asia, Africa, Latin America, and Central and Eastern Europe [1] - The bank's equity investment business plays a crucial role in various projects along the Belt and Road Initiative, utilizing diverse financing tools to meet the funding needs of participating countries [2] Group 2: Support for the Real Economy - The Export-Import Bank has launched the JinYin Infrastructure Fund to support domestic infrastructure projects, investing nearly 70 billion RMB in over 100 major projects, which collectively attract nearly 1 trillion RMB in total investment [3] - The bank is also actively investing in advanced manufacturing sectors, including synthetic biology, artificial intelligence, quantum computing, and new materials, to support the development of small and medium-sized enterprises [3] Group 3: Enhancing Investment Capabilities - The Export-Import Bank is improving its investment management and risk control capabilities, with specialized teams for investment, compliance, and fund management, leading to enhanced project selection and decision-making processes [4] Group 4: International Cooperation - The bank is expanding bilateral and multilateral cooperation with institutions like the Asian Development Bank and the International Finance Corporation to promote investment collaboration and mutual understanding [5] - The bank aims to continue its focus on equity investment, directing financial resources towards key areas such as the Belt and Road Initiative, advanced manufacturing, technological innovation, and green development [5]

Core Viewpoint - The successful issuance of China's first "carbon asset + rural revitalization" dual-labeled medium-term note by Shanghai Pudong Development Bank and Guangxi Guokong Capital Operation Group represents an innovative financial product that aligns with national "dual carbon" goals and rural revitalization strategies, providing a replicable model for green financing and regional economic development [1][4][6] Group 1: Financial Innovation - The medium-term note has a total issuance scale of 500 million yuan and a five-year term, linking carbon assets to create new pathways for green financing [1][4] - The note's core innovation lies in its carbon asset yield as the underlying support, offering investors additional carbon asset yield distribution linked to the issuer's subsidiaries' carbon quotas [4] - The issuance attracted significant market interest, with a subscription multiple of nearly three times, reflecting confidence in Guangxi Guokong Group's capabilities and strategic positioning in the green low-carbon sector [4][5] Group 2: Fund Utilization - Proceeds from the medium-term note will primarily support the procurement of raw materials for sugar production, specifically purchasing sugarcane from local farms to ensure stable supply [5] - The funding is strategically directed towards rural revitalization and the real economy, transforming financial resources into drivers for rural development and industrial upgrades [5] - This initiative aims to enhance employment and income for sugarcane farmers, thereby activating the rural economy's self-sustaining capabilities [5][6] Group 3: Strategic Positioning - Guangxi Guokong Group, established in June 2025 with a registered capital of 11 billion yuan, integrates resources from various state-owned enterprises under the Guangxi State-owned Assets Supervision and Administration Commission [4] - The group focuses on leveraging Guangxi's policy advantages and unique industries, aiming to become a leading state-owned capital operation company and a top food industry enterprise in China [4]